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Career Education Corp (CECO) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

Career Education Corp

CIK: 1046568 Ticker: CECO

CEC ANNOUNCES 2Q17 RESULTS …PG 1

 

Exhibit 99.1

CAREER EDUCATION CORPORATION REPORTS RESULTS FOR SECOND QUARTER ENDED JUNE 30, 2017

 

University Group total enrollments increased 3.2% versus the prior year

 

 

Schaumburg, Ill. (August 9, 2017) – Career Education Corporation (NASDAQ: CECO) today reported operating and financial results for the second quarter and year to date ended June 30, 2017.

 

University Group Key Highlights:

 

Total enrollment increased 3.2 percent as compared to the prior year

 

University Group and Corporate operating income for the second quarter of 2017 higher than our projected outlook range

 

Revenue of $285.7 million for the current year to date as compared to $287.3 million in the prior year, with the decline primarily driven by the academic calendar redesign at AIU

2nd Quarter Consolidated Results:

 

Revenue of $146.2 million for the current quarter as compared to revenue of $182.6 million for the prior year quarter, with the decline driven by the continued progress toward teach-out completion of our Transitional Group and Culinary Arts campuses

 

Operating income of $9.1 million for the quarter as compared to $17.3 million for the prior year quarter, with the decline primarily driven by the academic calendar redesign at AIU

Year to Date Consolidated Results:

 

Revenue of $308.3 million for the current year to date as compared to revenue of $381.5 million for the prior year, with the decline driven by the continued progress toward teach-out completion of our Transitional Group and Culinary Arts campuses

 

Operating income of $18.9 million for the current year to date as compared to $24.3 million for the prior year, with the decline primarily driven by the continued progress toward teach-out completion of our Transitional Group and Culinary Arts campuses

 

Ended the quarter with $172.1 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments

 

 

 

“Second quarter results came in ahead of our expectations and we continue to execute on our strategy to pursue sustainable and responsible growth opportunities,” said Todd Nelson, President and Chief Executive Officer. “Our Universities have continued to redesign their operations to further enhance student retention and outcomes. We are investing in and improving execution across our student-facing and student support operations. Total enrollments within the University Group increased 3.2 percent versus the prior year and we expect positive new enrollments for the second half of 2017. We are confident in our full year outlook and are encouraged by the improving student retention and engagement we are experiencing.”

 


The following information was filed by Career Education Corp (CECO) on Wednesday, August 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Unaudited Condensed Consolidated Statements Of Cash Flows
Unaudited Condensed Consolidated Statements Of Income And Comprehensive Income
Basis Of Presentation
Basis Of Presentation - Additional Information (detail)
Contingencies
Contingencies - Additional Information (detail)
Description Of The Company
Description Of The Company - Additional Information (detail)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Additional Information (detail)
Discontinued Operations - Assets And Liabilities Of Discontinued Operations On Condensed Consolidated Balance Sheets (detail)
Discontinued Operations - Changes In Future Remaining Lease Obligations Discontinued Operations (detail)
Discontinued Operations - Summary Results Of Operations For Discontinued Operations (detail)
Financial Instruments
Financial Instruments (tables)
Financial Instruments - Additional Information (detail)
Financial Instruments - Investments Measured At Fair Value On Recurring Basis (detail)
Financial Instruments - Schedule Of Maintenance Fee Payment To Cckf (detail)
Financial Instruments - Summary Of Investments (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Summary Of Provision For Income Taxes And Effective Tax Rate From Continuing Operations (detail)
Recent Accounting Pronouncements
Recent Accounting Pronouncements - Additional Information (detail)
Restructuring Charges
Restructuring Charges (tables)
Restructuring Charges - Accrual For Severance And Related Costs (detail)
Restructuring Charges - Additional Information (detail)
Restructuring Charges - Schedule Of Changes In Future Minimum Lease Obligations (detail)
Segment Reporting
Segment Reporting (tables)
Segment Reporting - Additional Information (detail)
Segment Reporting - Summary Financial Information By Reporting Segment (detail)
Share-based Compensation
Share-based Compensation (tables)
Share-based Compensation - Additional Information (detail)
Share-based Compensation - Schedule Of Deferred Stock Units To Be Settled In Shares (detail)
Share-based Compensation - Schedule Of Information With Respect To All Outstanding Restricted Stock (detail)
Share-based Compensation - Schedule Of Restricted Stock Units To Be Settled In Cash (detail)
Share-based Compensation - Summary Of Stock Option Activity (detail)
Share-based Compensation - Summary Of Total Stock Based Compensation Expense (detail)
Student Receivables
Student Receivables (tables)
Student Receivables - Additional Information (detail)
Student Receivables - Changes In Current And Non-current Receivables Allowance (detail)
Student Receivables - Changes In Current And Non-current Receivables Allowance (parenthetical) (detail)
Weighted Average Common Shares
Weighted Average Common Shares (tables)
Weighted Average Common Shares - Additional Information (detail)
Weighted Average Common Shares - Summary Of Weighted Average Numbers Of Common Shares Used To Compute Basic And Diluted Net Income Per Share (detail)

Material Contracts, Statements, Certifications & more

Career Education Corp provided additional information to their SEC Filing as exhibits

Ticker: CECO
CIK: 1046568
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-17-016760
Submitted to the SEC: Wed Aug 09 2017 7:36:23 AM EST
Accepted by the SEC: Wed Aug 09 2017
Period: Friday, June 30, 2017
Industry: Educational Services

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